GAWU Credit Union to share $19.8m to members

The Guyana Agricultural and General Workers Union Co-operative Credit Union Society Limited Annual General Meeting was hosted on Sunday (September 25, 2016), where the audit of the financial records of the Credit Union for the financial years, 2014 and 2015 were presented and surpluses of $17,717,307 and $10,858,901 respectively were announced.

“By unanimous resolution, the AGM approved the sums of $10,160,023 and $6,532,600 as dividend and the sums of $2,116,434 and $1,029,859 as interest rebate to members for transactions during the years 2014 and 2015 respectively,” GAWU said in a statement.

Press release

The 22nd Annual General Meeting (AGM) of the Guyana Agricultural and General Workers Union Co-operative Credit Union Society Limited was held on September 25, 2016 (yesterday) at the Society’s Registered Office, 59 High Street and Wights Lane, Kingston, Georgetown. The meeting considered, among other things, the Report of the Committee of Management which reviewed the work of the Society since its last AGM in November, 2014.

Members were pleased to learn from the Report that the audit of the financial records of the Credit Union for the financial years ended 2014 and 2015 advised of surpluses of $17,717,307 and $10,858,901 respectively. Attendees also heard the Report of the Auditor on the Society’s financial affairs for years ended 2014 and 2015 and the report of the Supervisory Committee.

In keeping with the Society’s statutory obligations the sums of$3,543,461 and $2,717,780was appropriated to the Statutory Reserve Fund for 2014 and 2015 respectively. Whereas the sum of $2,857,621was allocated to the Co-operatives Division of the Ministry of Social Protection representing Audit and Supervision fees for 2014 and 2015.

By unanimous resolution, the AGM approved the sums of $10,160,023 and $6,532,600 as dividend and the sums of $2,116,434 and $1,029,859 as interest rebate to members for transactions during the years 2014 and 2015 respectively.

Also, the sum of $84,855 and $38,772 was allocated to the Society’s Social and Entertainment Fund for the two (2) years.

The AGM elected a new Committee of Management to superintend the Society’s operations until the 23rdAGM. The Committee comprises CdesSeepaul Narine, Aslim Singh, Harvey Tambron, Andrew Veeren, Bhikram Singh, Julius Nurse, Rampersad Prasad, Richard DeFretias, Amolita Abrams, Gaietri Baron, and Sattie Basdeo. At the first meeting of the Management Committee, within the next two (2) weeks, members of the Committee will elect a Chairman, a Secretary and a Treasurer.

The Supervisory Committee comprising CdesKavitaBishun, Hugh Caines and Narda Mohamed was also elected.

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